Nick Elmslie, the former chief of BP’s global petrochemicals business, is one of the backers of the financing round for the university spin-out company which has developed a process for transforming cereal crops such as wheat or maize into high-quality protein.

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The investment round will enable the Glasgow-based company to progress its technology to industrial scale and expand its scope to compete in the global protein market, which is estimated to be worth more than $1 trillion per year.

The investment was supported by other investors including The University of Strathclyde and Scottish Investment Bank, the investment arm of Scottish Enterprise, the EOS Technology Investment Syndicate, US venture capital fund Data Collective and members of the 3F BIO management team

Jim Laird, chief executive at 3F BIO said, “We are delighted by the continuing and increased support from investors. The scale of the protein market continues to grow at a pace that cannot be met solely by protein from livestock.”

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Dr David McBeth, director of Research & Knowledge Exchange Services at the University of Strathclyde, said: “Having spun out 3F BIO in 2016, Strathclyde is delighted to have invested in 3F BIO in this funding round which should accelerate the company’s growth in what is an increasingly important market sector.”